I don't think its unlibertarian to support the Fed's action here. If the Fed was a private organisation, that convinced people to use dollars by promising to maintain steady 2% inflation, then it would be printing a lot of money right now. So the government not printing a lot of money right now would actually be a greater intervention away from what would naturally happen.

A libertarian purist would say that money creation shouldn't be government controlled; but given that it is they should at least do a good job of it.